GS EPS to Construct Biomass-fueled Power Plant in Dangjin with Largest Capacity in Asia

The company will build a 100MW power plant by August 2015, investing 300 billion won.

It is expected to achieve RPS goal and take advantageous position in eco-friendly business.

An aerial view of the biomass-fueled power plant

GS EPS (President: Lee Wan-gyeong), a private power generation company, will construct a 100MW biomass-fueled power plant, the largest capacity plant in Asia, in the Bugok Industrial Complex in Dangjin City, investing 300 billion won.

GS EPS held on May 13 the groundbreaking ceremony of its biomass-fueled No. 4 power plant in Bugok Industrial Complex in Dangjin. The ceremony was attended by executives and employees at GS Group, including Chairman Huh Chang-soo of GS Group, Vice Chairman Seo Gyeong-seok of GS and President Lee Wan-gyeong of GS EPS.

As a power generation facility that mainly uses eco-friendly woody and palm kernel shell biomass as fuels, the power plant is the largest in capacity in Asia and equal to the one in Texas, the United States.

Also, it is the largest in capacity in Korea among renewable energy-based power generation facilities, such as those of solar photovoltaic, wind power and hydrogen fuel cells.

In Korea, Korea East-West Power is constructing a 30MW biomass-fueled power plant in Donghae City and Suntek Energy (CEO: Goh Won-yeong) is building a demonstration biomass-fueled power plant in Wanju County.

When this biomass-fueled power plant is built in Dangjin, it will generate electric power that can be used by about 110,000 persons, the same number as the population of Sejong City, helping GS Group achieve renewable energy portfolio standards (RPS) goal more easily.

GS EPS plans to complete construction of the power plant by August 2015.

Chairman Huh Chang-soo of GS Group said, “When business environment is uncertain and difficult, we need to make essential investment selectively and decisively with long-range perspective in preparation for the remote future. Starting with construction of the new biomass-fueled power plant, the Group will expand its horizon to eco-friendly businesses.”

President Lee Wan-gyeong of GS EPS stated, “The company will accumulate knowhow and technologies for renewable energy business by operating the largest biomass-fueled power plant in Asia. And it will actively participate in overseas power plant projects, capitalizing on them.”

GS EPS is operating 1,503MW LNG combined cycle power plants (No. 1~3) and a 2.4MW fuel cell power plant in Dangjin City. And it is operating a 30MW biomass power plant in Shandong Province, China since November 2012.

Meanwhile, GS Group has been investing more than 2 trillion won in business annually since its inauguration, and it will invest 2.7 trillion won in this year, bolstering competitiveness of its mainstream businesses, such as energy, distribution and construction.

At the groundbreaking ceremony, executives scoop with first shovel. They include President Jeong Taek-geun of GS Global, Vice Chairman Seo Gyeong-seok of GS, Chairman Huh Chang-soo of GS Group, President Lee Wan-gyeong of GS EPS, President Huh Myeong-soo of GS E&C, and Vice President Al Karuji of Oman Oil Company (from left).